Members of Congress See Wealth Jump by 16% Between 2008 and 2009

Published 4:00 am, Wednesday, November 17, 2010

Members of Congress saw their collective personal wealth increase by more than 16% between 2008 and 2009, according to a new study by the Center for Responsive Politics.

Further, nearly half of Congressional members - 261 - are millionaires, a slight increase from the previous year, the Center's study finds.

Of these congressional millionaires, 55 have an average calculated wealth in 2009 of $10 million or more, with eight in the $100 million-plus range.

"Few federal lawmakers must grapple with the financial ills -- unemployment, loss of housing, wiped out savings -- that have befallen millions of Americans," said Sheila Krumholz, the Center for Responsive Politics' executive director. "Congressional representatives on balance rank among the wealthiest of wealthy Americans and boast financial portfolios that are all but unattainable for most of their constituents."

In 2009, the median wealth of a U.S. House member stood at $765,010, up from $645,503 in 2008. The median wealth of a U.S. senator was nearly $2.38 million, up from $2.27 million in 2008.

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According to the report, "For all members of Congress regardless of chamber, median wealth in 2009 reached $911,510, up from $785,515 in 2008. This spike in personal wealth represents a notable rebound from the period between 2007 and 2008, when overall congressional wealth slipped by more than 5 percent. Federal lawmakers' personal wealth climaxed in 2007 -- the pinnacle of nearly a decade's worth of steady asset value expansion."